Member Notice: COVID -19


New Services Available for Members

Business Credit Availability Program (BCAP)

As part of the federal government’s new $65 billion Business Credit Availability Program (BCAP), Northern Credit Union and Export Development Canada (EDC) are partnering to provide small-and medium-sized Canadian businesses with financing during the COVID-19 pandemic.

Access the credit you need to cover payroll and other operating costs during this global health crisis. The EDC BCAP Guarantee provides businesses with up to $6.25 million in credit to cover operational costs like payroll and rent.

If your business needs a new loan to cover operational costs during the COVID-19 pandemic, you may be eligible for the EDC BCAP Guarantee. Proceeds from the BCAP-supported loan cannot be used to repay or refinance existing debt (further restrictions apply to other non-operational costs). Export sales are not required to qualify for the program.

The program is for Northern Credit Union business members who have an existing relationship in good standing with Northern. The term loan amounts offered are based on your business revenues.

EDC will provide a guarantee to Northern Credit Union on 80% of the value of your loan. By sharing risk with EDC, we can help your company access the financing it needs. Note that the guarantee is to our institution, not your business, so you remain responsible for the full value of the loan.

Contact your Commercial Account Manager for additional information and to apply.

Click here for more information


Canada Emergency Wage Subsidy

Canada Emergency Wage Subsidy is a government program established to help employers keep and re-hire workers amidst the challenges posed by the COVID-19 pandemic, the CEWS will provide a 75 per cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. The government announced the economic measure on April 27.

When can I access the CRA direct deposit for businesses service through this FI?

We will soon be in a position to offer the CRA direct deposit for businesses enrollment effective June 8, 2020. Through this service, your business can simply and securely submit your direct deposit enrolment information to the CRA.

Please note: Applications for the CEWS benefit must be made directly through the CRA. Once you are approved for the CEWS benefit, registering for the CRA direct deposit for businesses service helps ensure your CEWS payment from CRA is quickly and securely deposited into your business payroll account.

Why is CRA using financial institutions' help with direct deposit registrations?

The CRA requires employers to register for direct deposit in order to receive the benefit straight into their account. With only one-third of Canadian companies currently registered for CRA direct deposit, it would be unsustainable to issue cheques.

Signing up for direct deposit will enable employers whose applications are approved to receive their CEWS payments quickly and securely. Employers can sign up for direct deposit with Northern Credit Union even after applying for the CEWS. Employers which are already registered for direct deposit and have a My Business CRA account do not need to register again and only need to apply for CEWS beginning April 27.

CRA Direct Deposit for Business Members FAQ


Regional Recovery and Relief Fund

Starting Wednesday, entrepreneurs who can’t access other federal programs can apply through regional development agencies for interest-free loans of up to $40,000 that will be one-quarter forgivable if the business meets repayment terms, similar to CEBA. Larger loans will also be available for some businesses, but not necessarily forgivable. Grants will be available to not-for-profits.

The $962-million program, now known as the Regional Relief and Recovery Fund, was previously announced but Ottawa unveiled how it would allocate the money on Wednesday.

Western Economic Diversification Canada will receive the largest portion, at $304.2-million. Southern Ontario will get $252.4-million; Quebec, $211-million; Atlantic Canada, $110-million; Northern Ontario, $49.5-million; and Northern Canada, $34.3-million.

Ottawa is encouraging the agencies to use their regional expertise to disburse funds to sectors and businesses that need it most.

https://www.canada.ca/en/fednor/news/2020/05/covid-19-fednor-launches-regional-relief-and-recovery-fund-to-support-local-economies.html


Online CRA Direct Deposit Enrolment

In light of the COVID-19 crisis and the introduction of the Canada Emergency Response Benefit, the Canada Revenue Agency (CRA) wants to make it easier for Canadians to sign up for its direct deposit service or change their existing account information by creating an enrolment process that can be accessed through their financial institutions.

Northern can now offer this enrolment service to you, giving you the ability to simply and securely transmit your direct deposit enrolment information to the CRA when you log onto Northern Online Banking. You will then be able to receive the following CRA payments through direct deposit:

With direct deposit, you can receive your tax refunds and benefit payments faster and securely, directly in your account at Northern Credit Union.

You can also sign up for direct deposit through My Account or by using the MyCRA and MyBenefits CRA apps from your mobile device. For more information, go to canada.ca/cra-direct-deposit.

Once you provide consent through Northern Credit Union, for your banking information to be shared with the CRA, your direct deposit information will be updated the following day. If you do not currently use Northern Online Banking, please contact our True North Hub at 1-866-413-7071, it is easy and secure!

Click here for a step by step guide on how to enrol


Return or Repay Canada Emergency Response Benefit (CERB)

You may want to return or be required to repay to the CERB to the department (CRA or Service Canada) that issued you the CERB payment if you:

Return or repay the CERB to the CRA if you:

Information Slip Issuance:

Since the CERB is taxable, you can expect to receive an information slip indicating the total amounts of CERB payments you received in 2020.

However, if you repay all or a portion of the CERB payments you received, regardless of the reason, your account will be adjusted accordingly. You will not receive an information slip for the payment(s) that have been returned prior to December 31, 2020.

We encourage you to repay your CERB before December 31, 2020.

How to Return a CERB Payment

If you applied for CERB through the Canada Revenue Agency

Online Banking:

If you applied for CERB through Service Canada **(Employment Insurance (EI) payment)

For anyone who became eligible for EI regular or sickness benefits on March 15, 2020 or later, their Employment Insurance (EI) claim was automatically processed as a CERB payment through Service Canada. Please note you are only to repay once, not to both organizations

If you choose to repay to Service Canada the process to return the payment is as follows:


Canada Emergency Business Account

The Government of Canada recently announced the launch of the Canada Emergency Business Account for small to medium sized businesses. Northern is participating in the program and is awaiting full details of this program from the Government of Canada. Continue to visit this page for more updates.

General Details

The account offers eligible business a $40,000 government guaranteed loan to help offset operating expenses, like payroll and other non-deferrable expenses, which are critical to sustain Canadian businesses.

Until December 31, 2020 the Canadian Emergency Business Account will be funded as a revolving line of credit for $40,000.

After December 31, 2020 any outstanding balance on the revolving $40,000 line of credit will be converted into a non-revolving 5 year term loan maturing on December 31, 2025, at which time the balances must be paid in full.

No interest applies until January 1, 2023. Commencing on January 1, 2023 interest will begin to accrue on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

If you pay 75% of the balance of the term loan (as at January 1st, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example if the balance of your loan is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining 10,000 will be forgiven.

To qualify, organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.

Click here for more information


Collabria Credit Cards Financial Relief Program - Temporary Interest Rate Reduction

Effective April 13, 2020, Collabria is introducing the Temporary Interest Rate Reduction option to their Payment Deferral program. Reducing the interest rate on purchases and cash advances to 10.9% for up to 6 months, this offer will be available to all qualified cardholders, except those with Centra Gold who are already in a low-interest rate product (note - Cardholders with Centra Gold will continue to be eligible for their Payment Deferral program).

Minimum Payment Deferrals & Temporary Interest Rate Reduction Summary:

Cardholders can call Collabria’s Contact Centre at 1-855-341-4643 to request Temporary Financial Relief support.

Click here to learn more and view Collabria’s COVID-19 Q&A


Temporary Branch Hours

Many of our branch locations remain open to serve you. We also feel it is important to do our part to reduce the spread of COVID-19. As we continue to follow the advice of our health authorities, some of our branch services have changed temporarily.

This includes:

Temporarily closing locations, see below for full list

Reducing extended hours at select locations as well as by appointment only specific days
Click here to see your branches updated hours

Limiting the number of members in the branch to allow us to practice social distancing

As the situation continues to evolve, branch operations will adjust accordingly. We encourage you to contact your local branch to book an appointment today!

Temporarily closed locations

We have made the decision to temporarily close the following locations for in-branch member services:

Members are asked to utilize our self-service options or the True North Hub at 1-866-413-7071. Staff will be reallocated to other areas of our business to assist in member needs.


General Member Updates

June 29, 2020 Update

CEO Message June 2020: COVID-19 Update

The COVID-19 pandemic has certainly changed how we do business today, and how we will do business tomorrow. As a result of this global crisis, we have been forced to question everything we do, from our processes and tools, to how we interact with each other. We have been focused on how to best protect and support our families, our coworkers, and our communities in the face of this unfolding situation.

Click here to read the full message


March 20, 2020 Update

BRANCH CLOSURES

We have made the decision to temporarily close the following locations for in-branch member services, effective Monday March 23, 2020:

Members are asked to utilize our self-service options or the True North Hub at 1-866-413-7071. Staff will be reallocated to other areas of our business to assist in member needs.

We appreciate your understanding and continued support as we adjust our business practices to support our staff and members.

BE AWARE OF SCAMS RELATED TO COVID-19.

Common Types of COVID-19 Scams

To view a full listing of COVID-19 related scams please visit:
https://www.antifraudcentre-centreantifraude.ca/features-vedette/2020/covid-19-eng.htm

Mitigation Measures:

March 19, 2020 Update

Northern Credit Union is committed to support members through these unprecedented times. Being a True North partner means we will continue to work with all individual and small business members on a case by case basis to offer flexible solutions. This support may include up to a 6 month deferral on mortgages and payment relief on other credit products. We encourage members who are concerned about the impact of Coronavirus to contact their local branch or the True North Hub at 1-866-413-7071.

At this time, branches remain open. However, a number of branches will not be operating during extended hours such as evenings and weekends until further notice. Click here to see your branches updated hours.

https://www.northerncu.com/contact-us/find-locationshours


March 17, 2020 Update

At Northern Credit Union, the health and safety of our staff and members is our top priority. As the situation with COVID – 19 (Coro-navirus) continues to evolve and change, our goal as an organization is to continue to provide our members with the products and services they require while protecting your health and safety.

At Northern, we understand that our members financial needs continue, despite these unprecedented times, and we assure you that our top priority is to help make a difference.

HERE IS WHAT YOU CAN EXPECT:

BRANCHES

At this time, branches remain open. However, the following branches will not be operating during extended hours such as evenings and weekends until further notice:
(Operating hours will be Monday to Friday closing at 5 pm.)

Additional reduction in hours may occur, continue to check our website for complete and up to date information.

Our employees are available to support you, in person, online and over the telephone. We encourage all members who are feeling ill or have traveled to a high-risk area to avoid visiting our branch locations and use other forms of banking available to you.

We know many members will have questions. You may experience unusual wait times. We thank you in advance for your patience as we work to answer all our members’ questions.

In the event that we are required to close one or all our branches, a notice will be posted on the door and on our website. To find the closest branch please visit our branch locator or contact our True North Hub at 1-866-413-7071.

SELF-SERVE CHANNELS

Northern offers members many self-serve options to serve you better. If you are unable to access the branch, you can still complete all your banking needs in the following ways:

Mobile Banking/Online Banking

With the Northern Credit Union Mobile App and Online Banking, you can:

Available 24/7, it’s the most convenient way to bring Northern Credit Union to you.

Open an Account or Apply For A Loan Online

Northern also offers members and non-members an easy and convenient way to open an account or apply for a loan online. Your financial future is waiting! Open multiple accounts and apply for a lending product all at the same time.

Simply click here to get started:
https://apply.northerncu.com/

TRUE NORTH HUB

At Northern Credit Union, we’re always looking for ways to deliver a better banking experience. The True North Hub definitely fits the bill. The Hub dramatically improves access to your money along with the many Northern services you’ve come to rely on.

The Hub Puts You Front and Centre

The Hub Hours of Operation

Monday: 8am - 6pm
Tuesday: 8am - 6pm
Wednesday: 8am - 7pm
Thursday: 8am - 7pm
Friday: 8am - 6pm
Saturday: 8am - 4pm

Here is some additional information specific to key areas of our business that you may be interested in:
Investments: https://www.northerncu.com/personal/investments/
Deposit Insurance: https://www.fsrao.ca/consumers/deposit-insurance-and-credit-unions/deposit-insurance-whats-covered
Mortgage: https://www.northerncu.com/personal/mortgages/
Credit Cards: https://www.northerncu.com/personal/credit-cards/


Special Measures to Protect Members

Social Distancing

While in our branches as well as out in the community please practice social distancing. Keep 6 feet or 2 meters away for both your protection and ours. About one body length (or hockey stick) away from other people. We have placed floor decals to display the proper distance.

Everyone needs to practice social distancing, even if you have:

Do your part to help reduce the spread of COVID-19. This is the best way to keep our members and staff safe.

Cleaning/Disinfecting and Hand Hygiene

To reduce exposure to and transmission of a range of illnesses, including coronaviruses, public health advises individuals to:

At Northern, we have also implemented the following protective measures to ensure the safety of our staff and members:

Self – Isolating Staff and Members

People with COVID-19 do not always recognize their early symptoms. Even if you do not have symptoms now, you need to quarantine (self-isolate) for 14 days if, you:

Quarantine (self-isolate) means that, for 14 days you need to:

Learn more:
https://www.canada.ca/en/public-health/services/publications/diseases-conditions/coronavirus-disease-covid-19-how-to-self-isolate-home-exposed-no-symptoms.html

Preventing Fraud

In times like these, we often see an increase in fraud. The best way to protect yourself is to be aware and cautious.

Some quick tips to prevent fraud include:

BE AWARE OF SCAMS RELATED TO COVID-19.

Common Types of COVID-19 Scams

To view a full listing of COVID-19 related scams please visit:
https://www.antifraudcentre-centreantifraude.ca/features-vedette/2020/covid-19-eng.htm

Mitigation Measures:

Scammers/fraudsters will encourage you and, in some cases, force immediate action on an issue.


Access to Resources

General Update to date information for members from both the federal and provincial government.

Resources for Individuals and Families

Resources For Students